To most people, the implosion of the cryptocurrency marketplace FTX seems like an emblematic 21st century imbroglio, replete with indecipherable technological and financial jargon. But to Washington good-government advocates watching the political fallout this month, it also points to something that feels distinctly retro: A bipartisan Beltway scandal.
Writ large, the Washington aspect involves the speed with which the crypto industry managed to insinuate itself at the nexus of...